Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Alabama
ALPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
147.40
Year-over-Year Change
66.82%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Alabama measures the real output of this economic sector in the state over time. This metric is important for understanding trends in a key service industry and its contribution to overall economic growth.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks the volume of professional, scientific, and technical services output in Alabama, adjusted for inflation. It is a useful indicator of activity and productivity in this knowledge-based sector, which includes fields like legal services, accounting, architecture, engineering, and scientific research.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and calculations based on producer prices.
Historical Context
Policymakers and analysts use this index to assess the health and competitiveness of Alabama's knowledge economy.
Key Facts
- Alabama's professional services sector accounts for over 10% of state GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic temporarily reduced the index by 5% in 2020.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Alabama's professional, scientific, and technical services sector over time.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and competitiveness of a key knowledge-based industry in the state, which is important for understanding broader economic conditions and growth.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and calculations based on producer prices.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and competitiveness of Alabama's knowledge economy, which can inform decisions around workforce development, innovation, and economic diversification.
Q: Are there update delays or limitations?
A: This index is published quarterly with a lag of approximately 2-3 months, so there may be some delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Alabama (ALPROSCITCHQGSP), retrieved from FRED.